Home Size1,484 sq ft
Days on Market4
Category: Tips for Buyers
Tax Credits for Historic Properties
People from all over the world love Charleston and its wonderful architecture. Our leaders years ago, knew that preserving that charm would be important to its future. What might seem to some like draconian rules that must be followed have become the unswerving guiding principles to preserving these beloved historic structures. Consequently, incentives have been put in place to encourage owners to “do it the right way” and truly restore and not just remodel historic buildings.
How does it work?
Taxpayers who rehabilitate their owner-occupied residence may be eligible to subtract 25% of the costs of many expensive repairs and renovations from their state income taxes.
How do I qualify?
Your building must meet both of these criteria:
1. You must own and live in the building or a portion of the building that will be rehabilitated. It can be a house or another type of historic building, such as a school or store, that you are rehabilitating to live in. An historic outbuilding associated with your residence, such as a barn or a garage, can also be eligible for the credit. The credit does not apply to buildings or portions of buildings that are used in a trade or business or produce income.
2. Your building must be one of the following:
• listed individually in the National Register of Historic Places
• contributing to a listed National Register historic district
• determined by the State Historic Preservation Office (SHPO) to be eligible for individual listing in the National Register
• an outbuilding that contributes to the significance of a property listed in the National Register
One might be surprised to learn that tax credits are available all around the Lowcountry and not just downtown Charleston that qualify. Here are a few: Historic District (HD) in Summerville, Hampton Park Terrace, a carriage house downtown, a Freedman’s cottage in North Central, Mt. Pleasant HD, Ashley River HD Atlanticville HD Charleston Navy Yard Officer’s quarters HD, French Quarter HD, Moultrieville HD, Pinopolis HD, Pineville HD, Sullivan’s Island HD, Successionville HD to name a few.
What elements qualify?
Money spent in the following categories may be counted as “Rehabilitation Expenses” when calculating the amount of credit:
• restoration of historic plaster
• energy efficiency measures except insulation in frame walls
• repairs or installation of heating, air conditioning, or ventilating systems
• repairs or installation of electrical or plumbing systems exclusive of new electrical appliances and electrical or plumbing fixtures
• architectural and engineering fees.
Allowable expenses do not include the cost of new construction beyond the footprint or volume of the existing building, the cost of acquiring or marketing the property, the value of an owner’s personal labor, or the cost of personal property.
Are there other requirements?
You must spend more than $15,000 within 36 months on Rehabilitation Expenses that qualify. Remember, this is a government program. There will be forms to complete, timelines, reviews, and copious documentation is required.
What is the most important take away?
Do not start any work until the first form is approved by the state of SC. You must have documentation of every element you intend to claim with before and after photos. You must tract specific expenses scrupulously throughout the process and you must quantify all work. This is not easy and contractors don’t like doing it so you will likely be the project manager for the tax credit work. But remember, it pays well come April 15th.
With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.- According to Charleston Trident Association of Realtors
Market Stats through May 2016
REGIONAL REAL ESTATE SALES
CHARLESTON, SC—(December 10, 2015) 1,029 homes sold in November in the region at a median price of $246,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In November 2014, 987 homes sold at a median price of $222,067.
Year-to-date data shows that sales volume is 14% ahead of where it was last year, with 14,758 sales through November 2015 and the regional median price has increased by 5.3%, currently $228,000. Through November 2014, 12,933 homes had sold at a median price of $216,352.
- Upper Charleston Peninsula
- Downtown Charleston
- Mount Pleasant (below IOP connector)
- Mount Pleasant (above IOP connector)
- Folly Beach
- Isle of Palms and Wild Dunes
- Sullivans Island
- Kiawah Island
- Seabrook Islands
- Daniel Island
Looking for Folly Beach Homes with Ocean Views? Folly is one of the most desirable areas to live in the Lowcountry because of the laid back vibe, island-style living, and its beautiful beach that offers the best waves in Charleston. One of the things most people look for when buying a home on Folly Beach is those spectacular ocean views. Plus Folly Beach offers some of the most amazing sunsets this side of this Mississippi! Here is a list of homes currently for sale on Folly Beach with some incredible ocean views. We’re sure that there is something on this list for everyone.
On Folly Beach there is a wide variety of homes for sale, including weathered beach bungalows and grand new construction. You can also find tiny beach cottages, like those on the now-popular tiny house hunting television shows. In recent years, new luxury beach homes with ocean views have been on the rise. Homes on Folly Beach are often referred to as “First Row”, “Second Row”, “Third Row” to note their proximity to the ocean. The properties are, naturally, priced according to how close they are.First and Second Row homes on Folly Beach are almost always going to have ocean views. While Third and Fourth Row homes may not have ocean views, they are still a very short walk to the beach.
If you’re looking for a home with a laid back vibe and something beautiful to look at, you will want to take a look at this list of home for sale on Folly Beach with ocean view. The prices ranges vary, but we’re sure there is something to fit everyone’s budget. The results show the most recently listed properties first.
- List View
- Map View
See all Folly Beach Ocean View Listings.
(all data current as of 6/24/2019)
Listing information deemed reliable but not guaranteed. Read full disclaimer.
Last night, City Council members deliberated on the proposal of a 4,500 residential development in the Bees Ferry area of West Ashley. According to William Joy of WCSC, The Long Savannah Project was approved and will cover 3,000 acres, 1,200 of which will be used for homes and 400,000 square feet will be used for retail and office space.
The approval of this major residential project is great news for the people who live in West Ashley, myself being one of them. The community is really hoping this area is going to be revamped and this project should show everyone that West Ashley is on track to developing for people that are moving to the area.
Traffic studies done on this project show that the entire area will be gridlocked, along Bees Ferry and Glenn McConnell (didn’t the Bees Ferry construction just end?!), but this should be a small price to pay for the major development.The project was originally approved in 2007, but was foreclosed on. We should expect to see around 500 homes in the next two years and the entire project to be complete in the next 20.
Charleston residential real estate saw a great year in 2014, with a 9% increase in sales volume and a 5% increase in median prices. A total of 14,253 homes sold last year in the Charleston metro area, with the downtown Charleston peninsula and Folly Beach seeing the most median price growth, while Kiawah/Seabrook and James Island were some of the most active subsections of the Lowcountry, according to the Charleston Trident Association of Realtors®. In December 1,270 homes sold at a median price of $202,870. 2015 CTAR President, Matt DeAntonio, gave a great outlook for 2015, stating that “we expect to see sales volume and prices continue to grow.” While inventory remained low, 12% lower than in 2013, some notable changes in the market from 2013 to 2014 included a 17% increase in single-family home sales and that distressed sales continued to decline significantly.
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We love this beautiful 4 bedroom, 3 1/2 bathroom listing on Folly Beach at 1008 East Ashley Avenue. Built in 2007, the owners focused on creating a very sound and secure structure and design. The lot is beautifully landscaped with great outdoor living space, including many windows, a screened porch, and a wrap around deck. Just steps from the beach, what more could you ask for?
For more details contact Laurie Hull 843.209.4576 firstname.lastname@example.org
We're sorry, but we couldn't find MLS # 1402799 in our database. This property may be a new listing or possibly taken off the market. Please check back again.
More than 5,000 Homes Sold This Summer in the Charleston Area.
These Charleston area market statistics were recently released by the Charleston Trident Association of REALTORS®. “The summer months were, as expected, a period of steady, sustainable growth” said 2014 CTAR President, Corwyn Melette. “About 40% of sales for the year close during the summer, and this summer, sales activity and price growth has our market well-positioned for a strong finish to 2014” Melette said. At the end of August, there were 5,961 homes classified as active for sale in the CTMLS. At this time last year, there were 5,702.
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dunes properties has quite a few new listings on Isle of Palms and Wild Dunes ranging from a 1 bedroom condo for less than $500,000 to a 3 bedroom house for $719,000. With three condos and two homes recently listed in addition to our wide variety of current properties for sale on the Isle of Palms, all of these properties are in fantastic locations with many different amenities.
1140 Ocean Blvd. Unit 206, ISLE OF PALMS, SC – $825,000
Gorgeous oceanfront 3 BR, 3 BA condo located on the Isle of Palms, just steps from restaurants and shopping. This property is newly remodeled with hardwood bamboo flooring and stainless appliances.
Listed by Joe Walker 843.345.4510 email@example.com, and Dave Landry 843.224.6251 firstname.lastname@example.org
Port O Call 101, Unit E, ISLE OF PALMS, SC – $429,900
Oceanfront 1 bedroom, 1 bathroom condominium in the Wild Dunes Resort with direct access to the beach path right from your screened porch.
Listed by Katy Leydic 843.696.3625 email@example.com
95 Grand Pavilion, ISLE OF PALMS, SC – $719,000
This 3 bedroom, 2 bathroom house is located in the Wild Dunes Resort in the desirable Grand Pavilion area.
Listed by Mark Mitchell 843.847.7980 firstname.lastname@example.org
30 Edgewater Alley, ISLE OF PALMS, SC – $599,900
With 3 bedrooms and 2 bathrooms, this house is located within walking distance to the beach and is right inside the Wild Dunes gate.
Listed by Katy Leydic 843.696.3625 email@example.com
Tidewater 302 #I, ISLE OF PALMS, SC – $659,000
This oceanfront condo has 2 bedrooms and 2 bathrooms, and has been completely renovated. Enjoy ocean views from your private deck.
Listed by Rick Fain 843.412.0189 firstname.lastname@example.org